The Marilyn Denis Show | Finance | The Cost of Living and Loving with Kelley Keehn

June 25, 2013 - click here for the video

The Game of Life

Average cost of getting married (wedding) - Wedding budgets are also ballooning in Canada, where the average expected cost rose to $23,330 last year from $20,129 in 2010

Tips for saving:

• Consider the non-traditional times of year and a date other than a Saturday ceremony can save you big bucks!
• Don’t be shy about asking your guests for cash – especially if you’ve both lived together and have built your home
• Can you live with a used dress, seasonal flowers and buffet style dining insteading of a sit down meal?  Small sacrifices can add up to huge savings!
• You don’t want to start your life together in debt, so remember that when things feel like they’re getting out of hand
• Get creative – do you have friends that could be your live band?  Do you have a small business that you could barter for some services or even promote a brand for free stuff?

Average cost of owning a car - $10,452 per year!

Tips for saving:

• Move closer to work
• Car pool
• Car shares
• Bikes and bike shares

Average cost of getting divorced: the divorce fees charged by a lawyer for an uncontested case vary from a low of $1,056 to a high of $2,922 with an average of $1,540 per case. The divorce fees charged by a lawyer for a contested case vary from a low of $6,582 to a high of $86,644 with an average of $15,570 per case.

Tips for saving:

• More and more Canadians are getting divorced later in life.  It can be devastating on one’s retirement
• Invest – yes – invest in your marriage during the good years with counsellors before things go wrong, couples accounts, vacations together without the kids and more.

Average cost of having a child According to MoneySense.ca and raising a child to the age of 18 is a whopping $243,660. Break down that number, and that’s $12,825 per child, per year -- or $1,070 per month. And that's before you send them off to university.

Tips for saving:

• Sharing nanny services with friends
• Shopping big ticket items like braces at your local university dentistry labs – young dentists can save you big bucks!   

Average cost of buying a home – varies greatly across Canada but hovers around $350,000 for a national average

Tips for saving:

• Consider renting until you have a larger down payment
• If you have less than 20% saved, you’ll have to pay big fees to insure the mortgage
• Consider an income property  - it might cost you more in the beginning, but a renter can help you become mortgage free much sooner.  
• Ensure you buy in the right neighbourhood
• Even though a lender might approve you for more, it doesn’t mean you should take it – you have to respect the cashflow needed for your family’s comfort and resist becoming house poor!

Average cost of a university degree in Canada - Students are taking on more debt, with the average price tag of a four-year undergraduate degree away from home ringing in at $84,000. Soaring costs for tuition, books and living expenses have left the average post-secondary graduate $27,747 in debt, it found, and it’s only going to get much more expensive.  The cost of tuition and other expenses related to post-secondary studies (such as books, supplies and accommodations) continues to rise. By the year 2027, the cost is estimated to reach over $110,000* for an average four-year Bachelor of Arts degree.

Tips for Savings: 

• Parents need to take advantage of the government’s 20% savings grant offered in the RESP shelter. And at the end of the day, an education is an investment.

The Marilyn Denis Show | Parenting | Business Savvy Moms with Arlene Dickinson, Amber MacArthur and Kelley Keehn

 

Click here to view the segment

Three Women who became Self-Made Entrepreneurial Experts

Entering the entrepreneurial world can seem like the opportunity to have it all. Marilyn puts together a panel of experts to talk about real life as mom and CEO.

Arlene Dickinson, the CEO of Venture Communications, and creator of You Inc. fell into business almost accidently. As a recent divorcee she needed to find a way to make money to feed and support her four young children, “necessity is the mother of invention,” reflects Dickinson. Little did the high school graduate know that not only would she excel at running a business, but that it would thrive. Getting a divorce forced Dickinson to make things happen for herself in order to prove to the courts that she could support them. This became a pivotal event in her life and changed who she was. She believes that these moments are the ones that determine an individual’s future.

For Kelley Keehn, a personal finance expert, her pivotal moment was forgoing having kids in order to focus on her career. In the blink of an eye she realized it was too late for children by the time she was ready and instead she re-focused on work. For her, balance means committing 100% to whatever she is doing at the moment. To maintain a manageable work-life balance requires the realization that stability is whatever works for you is absolutely vital. Keehn says that there are particular financial pressures that face mompreneurs, like financial vulnerability when leaving work to have kids and the unwillingness to take finance outside of the office. Since women seem to be less likely than men to talk about finances socially there is less opportunity for insight and outside perspectives on money matters. With 46% of small to medium Canadian business being owned in some part by women an open financial dialogue means improved success. Help from others can be beneficial financially but also as a means of support for you, your business and your family. 

Amber MacArthur CEO of Ambermac.com and author of ‘Power Friending’ has always relied on the help of others to reach her goals. Born into a family of entrepreneurs she cleaned shopping mall parking lots for her parents’ property management business which taught her the meaning of hard work. After graduating university she worked in San Francisco for several years during the boom of the dot com industry. Utilizing social media became her niche, and she quickly understood that businesses would benefit from its effects. MacArthur is quick to acknowledge the importance of asking for help. She learned early on that working with her partner would strengthen their commitment to each other and their focus on the business. She uses the same approach for raising her son. She has the help of a nanny and says that it’s vital to ask for help.

All three women noted that starting or running a business while juggling motherhood means significant life changes. Travel can become an important aspect of running a successful business, which is aided by having a supportive partner and family. The time you do spend with family becomes all the more valuable when you may be on the road for days at a time. While tremendous desire may be enough to start a business it is definitely not an easy path to embark upon; educating yourself and having a supportive network will make the road a little less bumpy.

CPA Canada book a financial literacy award winner

TORONTO, April 4, 2013 –  A  Canadian’s Guide to Money-Smart Living, published by the Chartered Professional Accountants of Canada (CPA Canada) to help individuals become better money-managers, received international recognition winning a prestigious E.I.F.L.E. ( Excellence in Financial Literacy Education) Award. 

The special guide was named Adult’s Book of the Year, Credit by the Institute for Financial Literacy based in the United States.

In total, 16 Excellence in Financial Literacy Awards were presented. Now in their seventh year, the awards were created to acknowledge innovation, dedication and the commitment of individuals and organizations that support financial literacy education worldwide.

“We are honoured to be recognized by the Institute for Financial Literacy,” said Cairine Wilson, vice-president, member services, CPA Canada. “The book provides valuable guidance to help individuals become more comfortable with everyday money matters. Each chapter deals with an essential aspect of money management and outlines easy action steps.”

Managing cash, credit cards and other debt are among the topics covered in the book. The author is Kelley Keehn, one of Canada’s most prominent personal finance experts and a passionate advocate for improving the financial literacy of Canadians.

“We produced the book to provide guidance and support and this award is a wonderful acknowledgment of that goal,” said Keehn. “The book is clear, simple to understand and even fun to read. It is never too late for individuals to take control of their finances.”

CPA Canada was established with the unification of the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada). The organization became operational on April 1, 2013. The national organization supports provincial accounting bodies that have unified, and those that will unify, under the Chartered Professional Accountant (CPA) banner.

CPA Canada will be responsible for providing services to legacy CAs and CMAs on behalf of the CICA and CMA Canada as well as CPAs and Certified General Accountants (CGAs) participating in the unification effort. 

Wilson accepted the award on behalf of CPA Canada at the Annual Conference on Financial Education in Orlando, Florida. A Canadian’s Guide to Money-Smart Living was originally published by the CICA and can be obtained by visiting www.castore.ca/moneysmartliving.

About CPA Canada

CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. The Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) created the organization on January 1, 2013, to support unification of the Canadian accounting profession under the CPA banner. CPAs will serve the public interest across all sectors of the economy with integrity, sound ethical practices, disciplined regulation and proven strategic management and financial expertise. Accounting bodies representing 85 per cent of Canada’s professional accountants are committed to unification or have already merged under the CPA banner.

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For more information or to arrange an interview, contact:
Tobin Lambie, Principal, Media
CPA Canada
(416) 204-3228
tlambie@cpacanada.cawww.cpacanada.ca

The Marilyn Denis Show | Finance | Five Ways to Save with Kelley Keehn

Click here to watch the May 13th, 2013 segment

5 Easy Steps to save you money

Take a  break from your credit card
I’ve been on the show before discussing the merits of the rewards points cards offer …for those 60% plus Canadians that pay off their credit card every month. But even for those responsible with their credit, there’s no tangibility when using it. Take a break and pay with cash – a different part of your brain actually lights up and feels pain from the loss of funds out of your wallet.  Try this for a least a week every few months. The average Canadian has a balance of about $4,000 on their credit card with an average rate of just over 14% - that’s a cost of nearly $6,000 in just ten years!

Pool resources
Women are fabulous at building networks. Get a group of five together to help tackle costs – cooking, nanny’s, carpooling, housekeeping and more.  Not only will this save all of you big bucks, it will strengthen your bond and create a life of less “to do’s”

Don`t forget the obvious little things that add up to so much:
Just try three things and save nearly $4,000 a year!

• Bagged lunch - $10 a day savings = $2,600 a year
• Coffee at home = $715 a year
• Bottled water = $520 a year

Be wary of monthly commitments like magazine subscriptions, gym memberships and more. 
Retailers count on you forgetting the $7.95 a month hit that adds up to about $500 in 5 years!  If you use it fine, but keep a monthly reminder so if you stop, you`ll be prompted to cancel.

Do a swap with friends! 
Women have an average of 496 products in their bathroom – and men?
Do you have 50 hair products that you’ve used once that friends might love?
What about your 5th straightening iron or the hot rollers you no longer use?
Add to that electronics and gaming and you have a friendly flee market of fun!  Forget jewellery and other parties that cost big bucks!  Save with a swap!

The Marilyn Denis Show | Finance | Secrets from a Millionaire with Kelley Keehn

Click here to watch the segment from March 12, 2013

Secrets to being a Millionaire:

• Marry wisely. That does not mean marry rich, but two incomes are better than one.  You should look for a partner that has the same attitude towards money as you and shares the same goals. Divorce can be very expensive. 
• Live below your means. If you make a lot of money but spend more than you earn you won't be better off than someone who makes an average salary. 
• Pick the right employer. Ask yourself annually if your position is right for you. Will you be able to expand on your skill set and move forward? Never be afraid to ask for a raise. Often women think that working hard is enough, but you have to sing your own praises. 
• Invest wisely and with help. It is important to seek advice from professional because they are trained specifically. You can start your search for a financial advisor at your bank. 

A Canadian's Guide to Money Smart Living with Author, Kelley Keehn on BNN

Click here to view the January 28th, 2013 segment

Budget Talk with Your Partner, Kelley Keehn with CTV Calgary Morning Live

Click here to view the January 2013 segment

It can be one of the most uncomfortable talks with your loved one, but financial expert Kelley Keehn has tips on how talk about money.